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obviously, chris, you know i think with the fiscal cliff coming down our pike right now that's what we should be focused on. to address your issue, i think that she's done a very fine job as secretary of state. but what i think she most brings and why i got to know her a little bit in the white house when i was director of defense policy is that when i had an issue, for example, on vets matters, establishing a women's veterans memorial or trying to get the secretary of v.a. to pay more attention to orange tea she would host a tea and have people come together and then helped move the ball down the road. i can remember when i had seen her after my very first campaign, i hadn't even been sworn in wret and as we were coming back to washington she picked up the phone and said i have one call to make and when she was done she said you know i thought i should have won one of those precincts and it was a republican precinct and i didn't but i asked them to check the numbers again and by golly i won it. that type of, hey she really cares about the ground issues of people not just on the secret
obviously, chris, you know i think with the fiscal cliff coming down our pike right now that's what we should be focused on. to address your issue, i think that she's done a very fine job as secretary of state. but what i think she most brings and why i got to know her a little bit in the white house when i was director of defense policy is that when i had an issue, for example, on vets matters, establishing a women's veterans memorial or trying to get the secretary of v.a. to pay more...
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no progress in resolving the fiscal cliff today. i know, you're not surprised by that, but we can report there were, well, some contact between the two principle players in the negotiations if there were negotiations. president obama and speaker john boehner actually talked to one another. it was on the telephone. it was not the face-to-face meeting the speaker says is necessary, but it was the first time that the two men have spoken in a week. for the latest on these stalled negotiations, we turn to fox news chief white house correspondent ed henry forhe report. >> trying to lay blame for stalled buet talks on republicans, president obama today wrateted up pressure on boehner. >> nobody wants this done more than me. >> for the first time, plan for massive spending cuts from going over the fiscal cff warning business executives, the economy could take another hit if republicans cide to extend just to middle class tax cuts to avoid the cliff for now and come back next year with more leverage to tie spending cuts and medicare reform t
no progress in resolving the fiscal cliff today. i know, you're not surprised by that, but we can report there were, well, some contact between the two principle players in the negotiations if there were negotiations. president obama and speaker john boehner actually talked to one another. it was on the telephone. it was not the face-to-face meeting the speaker says is necessary, but it was the first time that the two men have spoken in a week. for the latest on these stalled negotiations, we...
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what you're talking about is where we solve this fiscal cliff by creating another fiscal cliff down the road is totally immature. it lacks political courage. we know what needs to be done, and let's get it done over the next three weeks. the options are not going to change. >> would you call on your party not to mount that sort of opposition to the president if he specifies how he's going to restructure medicare? >> i think that both -- look, i have laid out in great detail very painful cuts to medicare. i just did it in a 242-page bill that i have shared with the white house, shared with boehner, shared with mcconnell, in order to move us beyond this silly debate that's taking place. the fact is, claire knows this and i know this. there are serious reforms that have to take place in medicare for our country to become solvent. >> well, we have to be careful. and you're right about this, david. what is really irresponsible, that $716 billion, that was low-hanging fruit. that was fluff in the medicare system, savings that we had to recover. and by the way, it's the same savings that was i
what you're talking about is where we solve this fiscal cliff by creating another fiscal cliff down the road is totally immature. it lacks political courage. we know what needs to be done, and let's get it done over the next three weeks. the options are not going to change. >> would you call on your party not to mount that sort of opposition to the president if he specifies how he's going to restructure medicare? >> i think that both -- look, i have laid out in great detail very...
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Nov 30, 2012
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the dow down about 13 points. not everybody worried about looming fiscal cliff. in fact, it makes some people happy. [ laughter ] why is this toddler watching us on "closing bell"? we're grateful for every single one of our viewers, but why does the fiscal cliff make him so happy? and why are we asking why? more on this important piece of video coming up. >>> plus, there's been a lot of speculation about who could become the new treasury secretary, and our next guest says the best person to succeed tim geithner just had a very private meeting with the president yesterday. who could that be, you wonder? stick around to find out. tdd#: 1-800-345-2550 when i'm trading, i'm so into it, tdd#: 1-800-345-2550 hours can go by before i realize tdd#: 1-800-345-2550 that i haven't even looked away from my screen. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 that kind of focus... tdd#: 1-800-345-2550 that's what i have when i trade. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading platform from charles schwab... tdd#: 1-800-345-2550 ...helps me keep an
the dow down about 13 points. not everybody worried about looming fiscal cliff. in fact, it makes some people happy. [ laughter ] why is this toddler watching us on "closing bell"? we're grateful for every single one of our viewers, but why does the fiscal cliff make him so happy? and why are we asking why? more on this important piece of video coming up. >>> plus, there's been a lot of speculation about who could become the new treasury secretary, and our next guest says the...
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Dec 5, 2012
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i thoroughly enjoyed your suggestion for a drinking game, fiscal cliff. trouble is if you had it for every time that phrase got mentioned we would all be paralytic by midday. >> think how much less worried we'd be. >> you are the perfect guy to talk about this, because i'm getting increasingly fed up, bored, miserable with the whole thing. i wake up in the morning with fiscal cliff reverberating in my brain and i can see politicians playing the very game that you alluded to there on jay leno and it is a game for them but for other people, it's a very real thing. and the economy at the moment is completely stagnant waiting for something to happen. you've been in a position of very negative government shutdown with president clinton and a very positive, where you and he in the second term got together, got stuff done and as you saw, a surplus in the economy. so you know what the reality of these debates are like and what it's likely to be going on behind closed doors. what is the way through this and how is this likely, in your expert opinion, to be resolve
i thoroughly enjoyed your suggestion for a drinking game, fiscal cliff. trouble is if you had it for every time that phrase got mentioned we would all be paralytic by midday. >> think how much less worried we'd be. >> you are the perfect guy to talk about this, because i'm getting increasingly fed up, bored, miserable with the whole thing. i wake up in the morning with fiscal cliff reverberating in my brain and i can see politicians playing the very game that you alluded to there on...
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if it does come down a bit because of the fiscal cliff, that's small pockets. overall, in general in the country, we are seeing a firm price recovery. >> but the big issue there is, if we eliminate the mortgage tax deduction for people under $1 million, we could really get hurt. >> that's a great point. this is why everything is tied to this fiscal cliff. >> exactly. >> you take out the mortgage deduction, and the traction we saw on the housing market reverses course. >> totally. i don't see how we can give $8,000 credits one year and the next year we take away the mortgage tax detux. a little consistency would be nice. >> are high-end home prices, do you think, are they ever going to go back to where we were when we saw them at the peak? >> for the highest end of the market, yes. i think they'll go even above the peak. >> why do you believe that? >> because people looking at real estate really as an asset again. i think a lot of money is out of the markets and back in real estate. when you're getting 20% on your money, it's going to be in the markets. when you
if it does come down a bit because of the fiscal cliff, that's small pockets. overall, in general in the country, we are seeing a firm price recovery. >> but the big issue there is, if we eliminate the mortgage tax deduction for people under $1 million, we could really get hurt. >> that's a great point. this is why everything is tied to this fiscal cliff. >> exactly. >> you take out the mortgage deduction, and the traction we saw on the housing market reverses course....
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i'm disappointed in where we are, but going over the fiscal cliff is serious business. i'm here seriously trying to resolve it. and i would hope the white house would get serious as well. >> house democratic leader nancy pelosi quickly dismissed boehner's remarks as a negotiating maneuver. >> i think they'll come around. it's a tactic. it's a tactic. >> reporter: you hear a strikingly similar message from other top democratic leaders saying the ball is in the republican's court. >> we are waiting for some specifics somewhere from our republican colleagues to show that they're serious on negotiations. >> reporter: as the country fast approaches the fiscal cliff, the two sides are talking past each other. democrats say they've laid down their marker, hiking tax rates on wealthier americans. and it's up to republicans to propose specific spending cuts they want to entitlement programs. however, republicans say they've offered a concession, putting revenue on the table. and they say it's now up to the president and his fellow democrats to feel some pain and proposed cuts in
i'm disappointed in where we are, but going over the fiscal cliff is serious business. i'm here seriously trying to resolve it. and i would hope the white house would get serious as well. >> house democratic leader nancy pelosi quickly dismissed boehner's remarks as a negotiating maneuver. >> i think they'll come around. it's a tactic. it's a tactic. >> reporter: you hear a strikingly similar message from other top democratic leaders saying the ball is in the republican's...
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cliff is on the way. possibly in time for santa. i asked republican john cornyn whether he thinks that is a reality. >>> and governor romney sits down with the president since the election, actually since the debates. does this do either of them any good? rick santorum is out front. and julian assange is out front to answer critics and our questions tonight. let's go "out front." >>> good evening, everyone. i'm erin burnett, outfront tonight, an early christmas miracle. or at least the glimmer of one today. barack obama bringing glad ti tidings of great joy to avoid the fiscal cliff. >> i will go anywhere and do anything it takes to get this done. it's too important for washington to screw this up. >> and john boehner, not to be outdone, put a little early present under the tree too. >> i'm optimistic that we can continue to work together to avert this crisis and sooner rather than later. >> these are pretty glum faces to deliver those presents. no smile from either one of them. but investors didn't care,
cliff is on the way. possibly in time for santa. i asked republican john cornyn whether he thinks that is a reality. >>> and governor romney sits down with the president since the election, actually since the debates. does this do either of them any good? rick santorum is out front. and julian assange is out front to answer critics and our questions tonight. let's go "out front." >>> good evening, everyone. i'm erin burnett, outfront tonight, an early christmas...
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you have to assume that would include a robust discussion of the fiscal cliff, given that is what lawmakers are talking about now. mitt romney just arrived here. we're not expecting anything huge to come out of this meeting. no appointment. for example, to the cabinet. but the president certainly, i think, hoping to engage in a serious conversation. this, as you point out, will be just the seventh time that these two have sat down after what was really a bruising fight during the election. this is really about sort of striking a tone of bipartisanship, helping these two former rivals to bury the hatchet but helping, i think the country to move forward, especially as we get closer to that fiscal cliff deadline. >> and ruth is here at the table. one of the issues could be the sort of backdrop the post-election comment by all sides not only mitt romney but also by stewart stevenson, op-ed his adviser. there was a time not long ago when the problems of the democratic party revolved arounding too liberal and dependent on minorities. obama turned those problems in advantages and rode that strateg
you have to assume that would include a robust discussion of the fiscal cliff, given that is what lawmakers are talking about now. mitt romney just arrived here. we're not expecting anything huge to come out of this meeting. no appointment. for example, to the cabinet. but the president certainly, i think, hoping to engage in a serious conversation. this, as you point out, will be just the seventh time that these two have sat down after what was really a bruising fight during the election. this...
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we need to deal with the fiscal cliff. have a credible down payment on the tax and spending side. bridge to a grand bargain next year. the fiscal cliff is the symptom. structural deficit is the disease. we need to learn from australia, canada, new zealand, sweden. we need to do it next year. >> all right. >> get dr. dave to washington right away so that we avoid what cramer on "meet the press" this weekend had great line. he said on january 8th when the reporting starts, there will be a foot race to fire people if we don't get this cliff taken care of which is why if we're going over the
we need to deal with the fiscal cliff. have a credible down payment on the tax and spending side. bridge to a grand bargain next year. the fiscal cliff is the symptom. structural deficit is the disease. we need to learn from australia, canada, new zealand, sweden. we need to do it next year. >> all right. >> get dr. dave to washington right away so that we avoid what cramer on "meet the press" this weekend had great line. he said on january 8th when the reporting starts,...
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there's a fiscal cliff, and this offer isn't good. show me the money, folks. you have the power. you're bragging about the fact that you kept the house. good. show us your offer. put down your offer. now, here's my view on this. and it is the same as the president's in this respect. rough the biggest aspects of the fiscal cliff is the fact that tax rates are going to go up on all americans. the senate has passed a bill that would give the middle class 98% of the people their tax cut. it is done. it's in a package. it's sitting at our desk. and all that has to happen is for the house to take it up. the only reason they're not taking it up is they want millionaires and billionaires to get their taxes cut, too. and this was a big issue in the campaign, thomas. so why don't we, instead of throwing insults, why don't they just pick up and pass that part as their own republican, tom cole suggested, let's have some good faith here, and we'll hammer out the rest of it. >> so senator, one thing you say about show me the money, if we talk about the lack of structural changes that are out t
there's a fiscal cliff, and this offer isn't good. show me the money, folks. you have the power. you're bragging about the fact that you kept the house. good. show us your offer. put down your offer. now, here's my view on this. and it is the same as the president's in this respect. rough the biggest aspects of the fiscal cliff is the fact that tax rates are going to go up on all americans. the senate has passed a bill that would give the middle class 98% of the people their tax cut. it is...
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the dow is down 32 point. >> companies are getting more concerned about the fiscal cliff. in fact, you won't believe how many are mentioning in their s.e.c. filings. >>> will the housing comeback fall off the cliff if we don't get our fiscal house in order by the end of the year? the ceo of prudential joins us later. when we got married. i had three kids. and she became the full time mother of three. it was soccer, and ballet, and cheerleading, and baseball. those years were crazy. so, as we go into this next phase, you know, a big part of it for us is that there isn't anything on the schedule. >>> how important is the fiscal cliff to the companies in your portfolio? apparently the answer is very. the blog footnoted counted 279 mentions of the fiscal cliff in s.e.c. filings for the month of november. that compares to 120 mentions of the fiscal cliff in october. there were none last year at this time, by the way. the first time i ever heard the fiscal cliff, first person i heard mention it, you, back in february. i'm wondering, what the heck is she talking about? >> it was
the dow is down 32 point. >> companies are getting more concerned about the fiscal cliff. in fact, you won't believe how many are mentioning in their s.e.c. filings. >>> will the housing comeback fall off the cliff if we don't get our fiscal house in order by the end of the year? the ceo of prudential joins us later. when we got married. i had three kids. and she became the full time mother of three. it was soccer, and ballet, and cheerleading, and baseball. those years were...
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we'll go off the fiscal cliff, down the fiscal slope. yes i think it will happen because it is the one way republicans can, without violating the pledge, and offending the grand inquisitor grover norquist, it's the one way they can let this happen. >> and, in fact, you know, what could happen, you can imagine a scenario where you go off the cliff on taxes, rates go up for everybody, you then vote to restore the rates for the vast majority of taxpayers, 98%, and further it is even conceivable you negotiate down the top rates in the level under bill clinton a little bit by putting in the pot offsetting deductions for credits which would allow republicans to claim some sort of victory as well. that could be a scenario where you have a consensus on the tax run. >> let's run all of this by representative xavier becerra of california. he's joining us now. nice to see you, sir 367 appreciate your time. what is really the white house dismiss kind of out of hand i mean i don't have the exact number of minutes that they had this republican proposa
we'll go off the fiscal cliff, down the fiscal slope. yes i think it will happen because it is the one way republicans can, without violating the pledge, and offending the grand inquisitor grover norquist, it's the one way they can let this happen. >> and, in fact, you know, what could happen, you can imagine a scenario where you go off the cliff on taxes, rates go up for everybody, you then vote to restore the rates for the vast majority of taxpayers, 98%, and further it is even...
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. >> tom, business investment was down 2.2% in the latest gdp report, and a lot of that is fiscal cliff tied to that. when do you see business investments starting to pick up, because we all kind of know the housing story, we know consumers kind of hung in. i think actually the next big upside could be a business investment, if it comes back but when does that come, in your opinion? >> it's a tricky question because there's two dynamics when we talk about business investment, it's capital spending which has a huge tech component, but it's also construction activity because it's building out the commercial infrastructure, health care, roads, et cetera, that associate with capital spending itself. companies can be cautious and we know there are multi, multidecade levels of cautiousness given their cash and where spending is and at some point pure replacement has to take over. that's really what sparked the recovery in housing, we were scrapping so many homes and you had organic growth. i think we're getting to the break point soon. >> tom, let me ask you about a couple of your picks befor
. >> tom, business investment was down 2.2% in the latest gdp report, and a lot of that is fiscal cliff tied to that. when do you see business investments starting to pick up, because we all kind of know the housing story, we know consumers kind of hung in. i think actually the next big upside could be a business investment, if it comes back but when does that come, in your opinion? >> it's a tricky question because there's two dynamics when we talk about business investment, it's...
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cliff expire, go down the fiscal cliff for tax rates, and adjust the taxes for the 98% through the rebate process. and this could be available for anyone, any president. let the bush tax rates apply as a ceiling, and then apply the rebate process to control the 98%. host: why do you propose that? what is the advantage in your view? caller: because the executive branch, the president, whoever it is, would have the ability to adjust the tax effectively for anyone who falls below the clintons' ceiling, and they could do this anytime. there would not have to go back to congress. -- they would not have to go back to congress. guest: it is true that technically the administration can do some things without even the congress's approval, but it would not be a lasting solution. let's say you could freeze the amount of withholding that you pay three paycheck at the level it was this year, for the 98%, and increase withholdings for everyone else as the law would dictate if you read over the cliff. -- went over the cliff. but the 98%, if they did not actually pass a law to extend the tax cuts for tha
cliff expire, go down the fiscal cliff for tax rates, and adjust the taxes for the 98% through the rebate process. and this could be available for anyone, any president. let the bush tax rates apply as a ceiling, and then apply the rebate process to control the 98%. host: why do you propose that? what is the advantage in your view? caller: because the executive branch, the president, whoever it is, would have the ability to adjust the tax effectively for anyone who falls below the clintons'...
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other people feel that everything goes down in a fiscal cliff situation. i mean, commodities are saying we're going to go over the cliff. that's what i think. >> it's interesting. there are these recent reports tallying how many american eagle gold coins americans are buying. is that the ultimate safe haven trade. if americans are buying gold coins in record numbers, the strongest sales since 1998, and it's not just seasonality here. it's interesting. >> i own some. i own silver. >> silver and gold. >> you can buy silver and gold. you can actually -- there's a big markup in coins. the government doesn't help. you can own pieces of silver and pieces of gold. >> do you have some on you right now? >> no, i don't. i have it buried in the backyard. i have it in a vault. never bury your gold in the backyard. >> i'll remember that. thank you for that advice. >> first we have to get backyard. >> el paso electric company celebrating tenth anniversary. yit celebrating its 100th anniversary. want to go straight to mary thompson with breaking news out of fdic. >> this
other people feel that everything goes down in a fiscal cliff situation. i mean, commodities are saying we're going to go over the cliff. that's what i think. >> it's interesting. there are these recent reports tallying how many american eagle gold coins americans are buying. is that the ultimate safe haven trade. if americans are buying gold coins in record numbers, the strongest sales since 1998, and it's not just seasonality here. it's interesting. >> i own some. i own silver....
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thank you very much. >>> the market does remain laser focused on the fiscal cliff, with just 27 days to go and less for the official congressional session. president obama and john boehner making comments on the issue a short time ago and according to our deal meter, there it is, still only a quarter of the way there. we have got all sides of this story covered. john harwood live at the white house. eamon javers on capitol hill and the president's comments. >> the president gave an interview to our colleagues at bloomberg and said a couple of things. first of all, his priorities now trying to break republicans in their resistance to raising the top rate by some amount, a stance republicans have been consistent on. more revenue, question, not higher rates, he is insisting on that as the price of negotiating with him. and he said the reason for that is if you take all of what can be raised in revenue from deductions that is politically realistic, not trying to take away the mortgage deduction in the face of tremendous resistance from consumers and the housing industry, you can only rai
thank you very much. >>> the market does remain laser focused on the fiscal cliff, with just 27 days to go and less for the official congressional session. president obama and john boehner making comments on the issue a short time ago and according to our deal meter, there it is, still only a quarter of the way there. we have got all sides of this story covered. john harwood live at the white house. eamon javers on capitol hill and the president's comments. >> the president gave...
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with the fiscal cliff, just over 1%. so with both sides at an impasse, is it better to go off the fiscal cliff or let congress kick the can down the road and face the same kind of economic hand wringing a year or two from now? the president of the conservative group freedom works joins me now. i know you're in a big conference. there is an interesting coalition, if you will, of very conservative deficit hawks and very liberal deficit hawks, if you will, who might come together and say, you know what, let the country go off the cliff. lack at those five-year projections. isn't this about short term versus long term? what do you say and what do you think your members would say? >> the best thing is to do something our spending problem and barring anything else, doing the automatic cuts that congress promised last year when they raised the debt ceiling would be better than doing nothing. it's separate from the ougautomc tax increase that happens on january 1. our preferred strategy here would be to accept the sequester now
with the fiscal cliff, just over 1%. so with both sides at an impasse, is it better to go off the fiscal cliff or let congress kick the can down the road and face the same kind of economic hand wringing a year or two from now? the president of the conservative group freedom works joins me now. i know you're in a big conference. there is an interesting coalition, if you will, of very conservative deficit hawks and very liberal deficit hawks, if you will, who might come together and say, you know...
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this is a fiscal cliff now. this is a prisoner's dilemma and everybody is staring each other down and we're all sitting at a poker table wondering who has the best cards. >> so what do you think will happen with global central banks? we know the fed will take operation twist and turn it into qe-3-b, i guess. i don't know what you want to call it. but instead of swapping short term for long term debt, it's going to buy long term debt outright. >> printing money, right. >> conventional quantitative easing, printing money, whatever you want to call it. and what are we expecting out of europe? what is this with the 1.30 on the euro, a currency everybody says ought to weaken? >> but there are still people who are when the risk on models take over, they buy the euro. that won't last forever as we're starting to see what's going on in france. but spain is certainly the next issue. they had to push greece out of the way and it's interesting the way they resolved greece was exactly what the germans have leaked to reuters
this is a fiscal cliff now. this is a prisoner's dilemma and everybody is staring each other down and we're all sitting at a poker table wondering who has the best cards. >> so what do you think will happen with global central banks? we know the fed will take operation twist and turn it into qe-3-b, i guess. i don't know what you want to call it. but instead of swapping short term for long term debt, it's going to buy long term debt outright. >> printing money, right. >>...
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. >>> how do you profit from the fiscal cliff talks in washington? we'll have that trade, and it could put extra money in your wallet, whether the lawmakers reach a deal or not. >>> up next, the head of prudential pl sits down with me. we'll talk business globally. stay with us. >>> time to toast today's close with this. more and more shoppers are using their mobile devices to buy. mobile purchases were up more than 16% on black friday from a year earlier, according to ibm. so which device generated the most in mobile sales? a, the ipad. b, the android, or c, the iphone? find out next. music is a universal language. but when i was in an accident... i was worried the health care system spoke a language all its own with unitedhealthcare, i got help that fit my life. information on my phone. connection to doctors who get where i'm from. and tools to estimate what my care may cost. so i never missed a beat. we're more than 78,000 people looking out for more than 70 million americans. that's health in numbers. unitedhealthcare. can i help you? i heard you
. >>> how do you profit from the fiscal cliff talks in washington? we'll have that trade, and it could put extra money in your wallet, whether the lawmakers reach a deal or not. >>> up next, the head of prudential pl sits down with me. we'll talk business globally. stay with us. >>> time to toast today's close with this. more and more shoppers are using their mobile devices to buy. mobile purchases were up more than 16% on black friday from a year earlier, according...
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this all comes as we get word that the fiscal cliff talks will boil down to what happens between two people and only two people. president obama and john boehner. even all sides of the party are excluded. >>> with 25 days before taxes go up for nearly every single american, what effect will the jobs report have on the fiscal standoff? we'll get live remarks from john boehner who is going to try to use the jobs report to the republican's advantage. representative, let's start with the november jobs report numbers. they look very good, good news overall for the koirnlt tree. but speaker boehner said this, the democrats plan to slow walk our economy to the edge of the fiscal cliff instead of engaging in serious talks to avert the cliff, that includes spending cuts and tax reforms the president once supported. the white house has only offered a joke. i understand we have speaker boehner to the microphones. let's take a listen. >> when it comes to the fiscal cliff that's threatening our economy and threatening jobs, the white house has wasted another week. eight days ago secretary geithne
this all comes as we get word that the fiscal cliff talks will boil down to what happens between two people and only two people. president obama and john boehner. even all sides of the party are excluded. >>> with 25 days before taxes go up for nearly every single american, what effect will the jobs report have on the fiscal standoff? we'll get live remarks from john boehner who is going to try to use the jobs report to the republican's advantage. representative, let's start with the...
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cliff. today the president h showcasing -- steve liesman asked the treasury sec temporary about the possibility of going over the cliff. >> i want to understand the administration's position when it comes to raising taxing on the wealthy, those making more than $250,000. if republicans do not agree to that, is the administration prepared to go over the fiscal cliff? >> absolutely. there's no pros teblpect to the agreement that doesn't involve taxes going up on the wealthiest 2%. remember it's only 2%. >> i talk every day to our customers around this country, around the world sometimes for that matter too, but around the country, and they are all scared to death what happens in january, nobody knows, but all i know is going over the cliff is too hot to handle, it's an option we just can't stare in the face and there's no way we can do it. they will get us through this in one form or fashion. >> interesting call. conventional wisdom, obviously the white house and the secretary hardening their
cliff. today the president h showcasing -- steve liesman asked the treasury sec temporary about the possibility of going over the cliff. >> i want to understand the administration's position when it comes to raising taxing on the wealthy, those making more than $250,000. if republicans do not agree to that, is the administration prepared to go over the fiscal cliff? >> absolutely. there's no pros teblpect to the agreement that doesn't involve taxes going up on the wealthiest 2%....
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cliff down the road. i hope we will not do that. i still think there is time before the end of the year to make that happen, but again, if it does not happen, unfortunately what that does is throw us into another debt ceiling situation, which is just not good for our country. we would be so much better off starting off on january 1 with this in the rearview mirror. our economy would take off and our country would be so much better off. >> chris, you understand the politics of the house from both sides. can john boehner cut a deal without eric cantor and paul ryan? >> i have a pretty good understanding of the house, but i always am a little afraid of wandering into house republican leadership politics. just to broaden the question a little bit -- i think the question is whether or not the speaker is going to be able to bring a good part of his caucus with him. that or require a united leadership team. >> i am talking short-term -- the next two or three weeks. >> i think that is going to be a requirement. i
cliff down the road. i hope we will not do that. i still think there is time before the end of the year to make that happen, but again, if it does not happen, unfortunately what that does is throw us into another debt ceiling situation, which is just not good for our country. we would be so much better off starting off on january 1 with this in the rearview mirror. our economy would take off and our country would be so much better off. >> chris, you understand the politics of the house...
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. >>> president obama took the fiscal cliff fight to virginia today. he sat down with this falls church family to talk about how ending the bush era tax cuts would affect them. if ty expire at the end of the month, the average family of four would pay about $2,200 extra in taxes. the president says he's in favor of extending tax breaks for people making $250,000 a year or less but not for the top 2%. >> i'm not going to sign any package that somehow prevents the top rate from going up for folks at the top 2%. >> there are ways to limit deductions, close loopholes and have the same people pay more of their money to the federal government without raising tax rates. >> going over the fiscal cliff also means the 2% payroll tax holiday would expire. it would mean cuts in unemployment benefits for millions of families. lawmakers have until december 31st to agree on a deal. >>> as we reported earlier this evening, the president took a break to join the first family for the lighting of the national christmas tree on the ellipse. as fox 5's bob barnard tells us
. >>> president obama took the fiscal cliff fight to virginia today. he sat down with this falls church family to talk about how ending the bush era tax cuts would affect them. if ty expire at the end of the month, the average family of four would pay about $2,200 extra in taxes. the president says he's in favor of extending tax breaks for people making $250,000 a year or less but not for the top 2%. >> i'm not going to sign any package that somehow prevents the top rate from...
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the reason being we thought the majority of the bad news associated with the fiscal cliff fears were baked into the market give or take and the risk reward favored being more aggressive in stocks. >> the bottom line is you got more bullish, more recently looking for opportunity when maybe others were running for the hills. >> yeah. we're more worried about fixed income right now. i'll give you interesting numbers. over the last five years, there's been $1 trillion of positive flows into fixed income funds and at the same time there have been half a trillion dollars of outflows from equity funds. so people feel comfortable being in fixed income. they're hesitant to get into equities. we're concerned that when you get some catalyst, like some agreement on the fiscal cliff and the flow begins to reverse that could be dangerous. >> joe, that is kind of fitting with your thinking as well. you've been more constructive just pointing out yesterday that through all of the noise the market's been resilient and we're holding on to 13,000 on the dow. >> and i think keith brings up an excellent
the reason being we thought the majority of the bad news associated with the fiscal cliff fears were baked into the market give or take and the risk reward favored being more aggressive in stocks. >> the bottom line is you got more bullish, more recently looking for opportunity when maybe others were running for the hills. >> yeah. we're more worried about fixed income right now. i'll give you interesting numbers. over the last five years, there's been $1 trillion of positive flows...
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>> it is this kind muchunging to get us over the fiscal cliff. we are two parts to the soluti. focus on the correct entitlements to cut and reorganize medicare so it works but doesn't take us down the drain. >> there are no offer the allelula. zero cuts. >> we are in negotiation. what happened this week. >> it is it a call for unconditional surrender is what it is. >> you think this is going to be the deal. >> victoria when you come to a bargaining table you start high and pull back. but this proposal, had no spending cuts all all. >> there is a stimulus increase. >> it s unbelievable to me. >> what is that mark? >> you are saying -- >> we he a revenue problem. we took away a trillion out of the budget by giving tax cuts to rich people and you need to put that revenue back. >> by the way, >> we spend another trillion. >> they are tax rates . they are not tax cuts. they are tax rates . how much they bring in. >> what are you talng about? >> billion a year . that is 84 billion that is enough to cover government spending for a week and a half. the issue, dc lives in a bubble land.
>> it is this kind muchunging to get us over the fiscal cliff. we are two parts to the soluti. focus on the correct entitlements to cut and reorganize medicare so it works but doesn't take us down the drain. >> there are no offer the allelula. zero cuts. >> we are in negotiation. what happened this week. >> it is it a call for unconditional surrender is what it is. >> you think this is going to be the deal. >> victoria when you come to a bargaining table you...
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for an agreement to avoid the fiscal cliff. nbc's tracie potts joins from us washington with those details. tracie, good morning. >> reporter: lynn, good morning. so, it may be no deal today, but perhaps moving forward on these spending cuts and tax increases that are looming at the end of the year. some very specific meetings with a handful of lawmakers who could have a huge impact on your paycheck come january 1st. . treasury secretary tim geithner and white house legislative chief rob neighbors bring the president's deficit-cutting plan to capitol hill today. >> i am very open to a fair and balanced approach to reduce our deficit. >> reporter: republicans want to know, does that approach include the government spending less money? >> we've put revenue on the table, as long as it's accompanied by serious spending cuts. >> reporter: white house negotiators are meeting with boehner and top republicans and democrats. executives from big companies heard the plan wednesday at the white house. at least one thinks there could be a d
for an agreement to avoid the fiscal cliff. nbc's tracie potts joins from us washington with those details. tracie, good morning. >> reporter: lynn, good morning. so, it may be no deal today, but perhaps moving forward on these spending cuts and tax increases that are looming at the end of the year. some very specific meetings with a handful of lawmakers who could have a huge impact on your paycheck come january 1st. . treasury secretary tim geithner and white house legislative chief rob...
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if the fiscal cliff has you nervous, this may be some relaxing news. as of midnight last night, washington is now the first state in the united states to legalize marijuana for adult recreational use, but the law is not without complications. jane wells is live in l.a. with more on that story. good morning, jane. >> hi, carl. lighting up in seattle is one thing. figuring out how these laws are going to work is another. pot possession may be legal in washington, but it will be another year before the state sets up the bureaucracy, creating a network of legal growers and retailers. they're going to have to set standards for thc. but what about pricing? the state is hoping to raise $600 million a year for pot and they say it could add 5% to gross state product by 2017. but ktlu reports the state's office of finance management says retail prices and medical pot clinics are already $3er gram higher than street prices and you add in taxes. are people going to pay more if they can get it for less. and in colorado, its pot law goes into effect next month but t
if the fiscal cliff has you nervous, this may be some relaxing news. as of midnight last night, washington is now the first state in the united states to legalize marijuana for adult recreational use, but the law is not without complications. jane wells is live in l.a. with more on that story. good morning, jane. >> hi, carl. lighting up in seattle is one thing. figuring out how these laws are going to work is another. pot possession may be legal in washington, but it will be another year...
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let's be aware, retail, shaky ground because of my friend, buddy pal, fiscal cliff. let's go to chris in connecticut, please, chris? >> caller: boo-yah. i want to know where you stand on cabot oil and gas. >> i don't know, where i stand, it's already too high. this thing does not come in. i would prefer you to be in eqt, which i think i reiterated this morning and i think is much better. there are lots of people who say there will be blockbuster natural gas deals coming down the road and that's why cabot stays high, that plus it has incredible marcellus holdings. when i first heard about marcellus, it was through cog and i thought it was like veal, but it turned out to be a good place for natural gas. that is the conclusion of the "lightning round"! >> the "lightning round" is sponsored by td ameritrade. >>> coming up -- waiting for washington to rise above? get your portfolio prepared for whatever happens. call, tweet, or e-mail and find your way to the latest edition of "am i diversified." t's why sh the leader in mobile trading. so she's always ready to take actio
let's be aware, retail, shaky ground because of my friend, buddy pal, fiscal cliff. let's go to chris in connecticut, please, chris? >> caller: boo-yah. i want to know where you stand on cabot oil and gas. >> i don't know, where i stand, it's already too high. this thing does not come in. i would prefer you to be in eqt, which i think i reiterated this morning and i think is much better. there are lots of people who say there will be blockbuster natural gas deals coming down the...
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investors cautious as they grow increasingly nervous about the fiscal cliff. the dow jones industrial down 14 points, s&p lost and a half, nasdaq down six. over 3 billion shares traded on the big board today. two more companies announcing special cash dividends. the investment company the announcing a dividend of $0.20 per share in the special dividend of a dollar per share both payable before year's end. and announcing a dollar dividend per share, payable on christmas eve. in its release, they went on to say that after january 1st the company believes paying cash dividends may not be the most effective way of rewarding shareholders with those higher taxes on dividends. well, our next guest here says, as washington is wrestling with a fiscal clef, they are not contending with far greater challenges, often hidden from policymakers and the public because of our less than transparent government financial reporting to say the least. well, we often hear about, of course, $16 trillion national debt, a trillion dollar deficit first, the actual liabilities of the fede
investors cautious as they grow increasingly nervous about the fiscal cliff. the dow jones industrial down 14 points, s&p lost and a half, nasdaq down six. over 3 billion shares traded on the big board today. two more companies announcing special cash dividends. the investment company the announcing a dividend of $0.20 per share in the special dividend of a dollar per share both payable before year's end. and announcing a dollar dividend per share, payable on christmas eve. in its release,...
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dan, we're learning more about the white house plan to deal with the fiscal cliff. break it down for us. >> reporter: right. this is the plan that secretary -- treasury secretary timothy geithner took up to capitol hill yesterday. it calls for $1.6 trillion in tax increases over a ten-year period more than republicans had anticipated. in addition to that, $400 billion in spending cuts that will come later. much of that not really specified. we're looking at entitlements such as medicare. and then the plan also includes $50 billion in stimulus spending. democrats see this really as sort of the opening salvo in these negotiations. early on in this process, both sides appear to show some level of optimism that this would get done. in the last few days and certainly yesterday it just seems like both sides are so far apart, it's not unusual for us to see this kind of posturing and other negotiations, tough negotiations over the last four years or so. you'll see things build up whether it appears that it's going to get done. then they fall apart. in the end it does happen
dan, we're learning more about the white house plan to deal with the fiscal cliff. break it down for us. >> reporter: right. this is the plan that secretary -- treasury secretary timothy geithner took up to capitol hill yesterday. it calls for $1.6 trillion in tax increases over a ten-year period more than republicans had anticipated. in addition to that, $400 billion in spending cuts that will come later. much of that not really specified. we're looking at entitlements such as medicare....
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. >> for what, the fiscal cliff or the fiscal abyss? >> for both. >> for both. >> so that a down payment -- a compromise down payment on approximately $4 trillion. i think when you pull it apart, you have about a trillion dollars in discretionary spending that has mostly been agreed upon and you have taxes and the entitlements, the mandatory. >> the entitlements are the sticking point. whoa. did you see that? you think that's funny? >> set that up for you. >> you think that's funny, mac? you do this? look at this. this is booby trapped, man. it won't stay up. which can really be a problem. you can laugh at that. it's okay. nobody's watching. it's 6:00 a.m. that got you going. >> when you look through, i guess the devil is in the details in terms of what you're looking at in spending, cuts, entitlement cuts and with the tax increases, and you're right, both sides have put a plan on the table. they're pretty far apart, but at least now you know there's some framework for how you get to the middle. what do you think, 1.2 trillion in tax in
. >> for what, the fiscal cliff or the fiscal abyss? >> for both. >> for both. >> so that a down payment -- a compromise down payment on approximately $4 trillion. i think when you pull it apart, you have about a trillion dollars in discretionary spending that has mostly been agreed upon and you have taxes and the entitlements, the mandatory. >> the entitlements are the sticking point. whoa. did you see that? you think that's funny? >> set that up for you....
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. >> what don't they know about the fiscal cliff? >> they look to be down 10%. >> we'll watch it. as people know in this market, many times the stock price has been going up. we'll keep an eye on this. it may be throwing people. what does it say about copper overall and the price of the metal. >> i worry, by the way, watch energy 21. this is exxi. another company that bought old properties. one of the things that's happening that's driving this, okay, is that there's new technology. american technology that's able to access oil that the big guys have given up on whether it be exxon given up on energy 21 has or bp and it turns out that these fines may have been bigger so pxp takes advantage of the fact there's new technology. pxp is a deal maker but ready to trade because capital gains taxes are going up. could be a fiscal cliff. the gulf is hotter than it's ever been even a few years ago it was ice cold. >> big story in the journal about exploration in this country. production 15-year high. brand new chapter here. look at the bottom of your screen. citigroup is cutting 11,000 jobs
. >> what don't they know about the fiscal cliff? >> they look to be down 10%. >> we'll watch it. as people know in this market, many times the stock price has been going up. we'll keep an eye on this. it may be throwing people. what does it say about copper overall and the price of the metal. >> i worry, by the way, watch energy 21. this is exxi. another company that bought old properties. one of the things that's happening that's driving this, okay, is that there's new...
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as for reaching a fiscal cliff, the narrative today in the media and in the world of politicos. we have gone over the cliff. we went over the cliff when we engaged in quantitative easing 2 and 3 and went four years without a budget, no blueprint to figure out how to rein in this dysfunctional, overgrown government that is based on borrowed money from foreign countries that don't necessarily like us and borrowed money from our children and grandchildren. we have gone over the cliff. now it's just a matter of how hard are we going to thump at the bottom of the cliff? >> am i too hard on politicians? i struggle with the thought of their work ethic being up for the job. i travel a lot. i see people without jobs, people are worried about losing jobs. we have known about the fiscal cliff and the sequestration and the tax increases or not tax increase, since a minimum of august of 2011. >> they have done nothing, except have a lot of chatter, no product. they have the super committee in november of 2011. they couldn't reach an opinion. so did they meet in december in no. january? no. f
as for reaching a fiscal cliff, the narrative today in the media and in the world of politicos. we have gone over the cliff. we went over the cliff when we engaged in quantitative easing 2 and 3 and went four years without a budget, no blueprint to figure out how to rein in this dysfunctional, overgrown government that is based on borrowed money from foreign countries that don't necessarily like us and borrowed money from our children and grandchildren. we have gone over the cliff. now it's...
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cliff. also president obama's getting ready to speak this hour about an urgent national security issue. u.s.-led efforts to try to track down and eliminate loose nuclear weapons. that's coming up. >>> also, frightening now revelations about an al qaeda plot for a three-part terror attack on the united states embassy in iman, jordan. i'll ask the country's foreign minister for details. he's standing by live. i'm wolf blitzer. you're in "the situation room." >>> we begin this afternoon with brand-new republican offers to try to save the $2.2 trillion and avoid the so-called fiscal cliff. the across-the-board spending cuts and sharp tax increases that hit in just 29 days. let's get straight to our senior congressional correspondent dana bash. she's watching what's going on. dana, the tax rates, first of all, let's get to a major sticking point right now. there's been a counterproposal from house republicans to the white house. you have details. >> reporter: that's right. let's start exactly whe
cliff. also president obama's getting ready to speak this hour about an urgent national security issue. u.s.-led efforts to try to track down and eliminate loose nuclear weapons. that's coming up. >>> also, frightening now revelations about an al qaeda plot for a three-part terror attack on the united states embassy in iman, jordan. i'll ask the country's foreign minister for details. he's standing by live. i'm wolf blitzer. you're in "the situation room." >>> we...
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you they are president and a lot of people down in washington saying they don't want to go off the fiscal cliff. as far as grover norquist notices, i don't think republicans should be caving to a special interest of one, frankly. we do see some brave republicans coming out there and they should be supported because they are about finding a solution. >> i want to show this tomb the president playing golf with former president bill clinton. how much do you think fiscal cliff was coming up during their golf rounds? >> i'm sure they talked about it because president clinton is a political wonk. what bill clinton showed during his presidency is that there's a way to show common ground with republicans who hate you. they impeached bill clinton but made a deal. they made a deal that was nor the right of where most democrats are. this president has a unique opportunity to make a deal for more towards his left. remember dick cheney said to -- speaking of sequels. remember when dick cheney said you got the high approval ratings you can spend them on the iraq war. republicans what they want is the p
you they are president and a lot of people down in washington saying they don't want to go off the fiscal cliff. as far as grover norquist notices, i don't think republicans should be caving to a special interest of one, frankly. we do see some brave republicans coming out there and they should be supported because they are about finding a solution. >> i want to show this tomb the president playing golf with former president bill clinton. how much do you think fiscal cliff was coming up...
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was ready to go over the fiscal cliff, if republicans do not give on this tax issue. listen to what he said. >> oh, absolutely. again, there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest -- remember, it's only 2%. >> john boehner, though, remaining firm in his position, though he says he's already giving, because they're acknowledging that revenue will go up in taxes through the way that they would like to see taxes go up, even though they don't want to see taxes go up, through closing loopholes and eliminating deductions. john boehner acknowledges that revenue is going to be part of this deal, but they are standing firm on, they will not agree to at this point to raising tax rates on anyone. so either way, the major issue remains. the major issue, the major hurdle remains the tax rate issue. >> right, right. and meantime it's ticktock, right? and the house is out as of yesterday. members are headed to their home states for a nice long weekend with no deal in sight. the majority leader, eric cantor, says he's g
was ready to go over the fiscal cliff, if republicans do not give on this tax issue. listen to what he said. >> oh, absolutely. again, there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest -- remember, it's only 2%. >> john boehner, though, remaining firm in his position, though he says he's already giving, because they're acknowledging that revenue will go up in taxes through the way that they would like to see taxes go up,...
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be sure to tune in for the latest on the fiscal cliff talks, timothy geithner will sit down with our chris wallace and explain the tax plan and plus, chris will have an interview with house speaker john boehner, 2 p.m. and 6 p.m. eastern here on the fox news channel. >> fox news overseas, massive protests in egypt and thousands have gathered for a 9th straight day in cairo's tahrir square about morsi's power grab and the constitution he's supporting and the port city of alexandria where the supporters of president morsi are clashing with opponents and thousands of his supporters taking part in nationwide rallies. and they're organized by the muslim brotherhood has taken charge and steve harrigan is there and streaming live for us from cairo right now. steve? >> it's really two different sets of demonstrations going on. there's the group behind me at tahrir square and those are people against president morsi, but today for the first time we've seen a much larger group, mainly supported by the muslim brotherhood and they're coming in in support of president morsi and that group is a mi
be sure to tune in for the latest on the fiscal cliff talks, timothy geithner will sit down with our chris wallace and explain the tax plan and plus, chris will have an interview with house speaker john boehner, 2 p.m. and 6 p.m. eastern here on the fox news channel. >> fox news overseas, massive protests in egypt and thousands have gathered for a 9th straight day in cairo's tahrir square about morsi's power grab and the constitution he's supporting and the port city of alexandria where...
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investors as we are counting down the days, folks, 29 days until that fiscal cliff. talks in washington sort of stalled at the moment. by friday, all eyes will be on the november jobs report. tdd#: 1-800-345-2550 when i'm trading, i'm so into it, tdd#: 1-800-345-2550 hours can go by before i realize tdd#: 1-800-345-2550 that i haven't even looked away from my screen. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 that kind of focus... tdd#: 1-800-345-2550 that's what i have when i trade. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading platform from charles schwab... tdd#: 1-800-345-2550 ...helps me keep an eye on what's really important to me. tdd#: 1-800-345-2550 it's packed with tools that help me work my strategies, tdd#: 1-800-345-2550 spot patterns and find opportunities more easily. tdd#: 1-800-345-2550 then, when i'm ready... act decisively. tdd#: 1-800-345-2550 i can even access it from the cloud and trade on any computer. tdd#: 1-800-345-2550 with the exact same tools, the exact same way. tdd#: 1-800-345-2550 and the reality is, with sc
investors as we are counting down the days, folks, 29 days until that fiscal cliff. talks in washington sort of stalled at the moment. by friday, all eyes will be on the november jobs report. tdd#: 1-800-345-2550 when i'm trading, i'm so into it, tdd#: 1-800-345-2550 hours can go by before i realize tdd#: 1-800-345-2550 that i haven't even looked away from my screen. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 that kind of focus... tdd#: 1-800-345-2550 that's what i have when i trade. tdd#:...
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he sat down with tiffany santana and her family to put a face on the fiscal cliff. >> for them to be burdened unnecessarily because democrats and republicans aren't coming together to solve this problem, gives you a sense of the costs involved in very personal terms. >> reporter: tiffany had used twitter to tell the president her family can't afford a tax increase. and the white house released this video. >> $2,000 for me would be paying a month's rent. >> reporter: back in washington, more gridlock. >> it's up to the republicans to decide how long it's going to take. >> the president actually isn't interested in a balance agreement. >> reporter: with both sides stuck on tax hikes for the top 2%, economists wonder if lawmakers will reach a deal this year. >> i'm skeptical. but i do think it can be done early next year, before it does significant economic damage. >> reporter: mark zandy warned a congressional committee they would have just over a month to negotiate in 2013 before the economy falls apart. >> by mid-february, it will be doing a lot of damage. >> reporter: anticipating t
he sat down with tiffany santana and her family to put a face on the fiscal cliff. >> for them to be burdened unnecessarily because democrats and republicans aren't coming together to solve this problem, gives you a sense of the costs involved in very personal terms. >> reporter: tiffany had used twitter to tell the president her family can't afford a tax increase. and the white house released this video. >> $2,000 for me would be paying a month's rent. >> reporter: back...
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now to the fiscal cliff. the edge of that is so close to us. are we going over it? what will take to reach a deal? newt gingrich says it takes sitting down and talking face-to-face. >> if they wanted to sit and really talk, -- i always remind people, clinton had been governor, he years negotiating with legislatures. when we took control of the congress, we sort of got the dance. he and i spent 35 days face-to-face, it wasn't this my staff will meet with your staff and we'll have a brief call. nonsense. you have to be in a room. you have to listen to each other. >> greta: where is president obama today? he was not in washington. he was at a toy factory in pennsylvania. to many he seems to be back on the campaign trail, campaigning for his fiscal ideas. governor palin, speaker gingrich who has battled with president clinton on big issues says you have to sit down in the same room, this is being outsourced. how do we get these parties to talk? >> speaker gingrich knew then as he knows now, the house of representatives has great power because they hold the purse springs
now to the fiscal cliff. the edge of that is so close to us. are we going over it? what will take to reach a deal? newt gingrich says it takes sitting down and talking face-to-face. >> if they wanted to sit and really talk, -- i always remind people, clinton had been governor, he years negotiating with legislatures. when we took control of the congress, we sort of got the dance. he and i spent 35 days face-to-face, it wasn't this my staff will meet with your staff and we'll have a brief...
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Dec 4, 2012
12/12
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. >> well, nobody wants anyone to go off the fiscal cliff. and the reality is we have to look over the last two years. the republican party established themselves as the party that was willing to let americans entire credit rating go down the tubes in order to stop barack obama last year. it's very clear that most people are going to see them as being the party that's being more obstinate. the truth of the matter is they also because they lost so badly in the election, nobody wants to be seen playing footsie with barack obama under the table which is what they're going to have to do to get this deal done. the republican party is going tond up being blamed which is one of the reasons they will have to compromise more. it's the same thing the democrats did when bush won. you have to compromise with the party that just won. jason johnson, john brabender, thank you thank you both. >>> the new york film critics have made their choices for top films and many times they end up as oscar favorites. all the details next. all the details next. we are ga
. >> well, nobody wants anyone to go off the fiscal cliff. and the reality is we have to look over the last two years. the republican party established themselves as the party that was willing to let americans entire credit rating go down the tubes in order to stop barack obama last year. it's very clear that most people are going to see them as being the party that's being more obstinate. the truth of the matter is they also because they lost so badly in the election, nobody wants to be...
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Nov 30, 2012
11/12
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the fiscal cliff. >> but here's the thing. both sides acknowledge that you're not going to get a deal done without some sort of change to entitlements. specifically medicare. >> well, i'm not so sure what that means when you say it's some sort of change. some sort of structural change to medicare? i'm not sure that has to be on the table. i do think, though, that we do have to have some spending cuts and the president has acknowledged that, as well. but the basis of the problem is you have to have -- the republican party is intransigent about the idea of tax increases and the taxes will grow up after december 31st regardless of what happens. if you don't do anything, they'll go up. so you have to do something. you'll have 98% of the american people who will get a tax cut under president obama's proposal, 97% of american small businesses will get a tax cut. so why not come to a negotiated deal on the things that we agree on and put aside the other things. we don't thesely have to agree on those 2%. let's work on where there is
the fiscal cliff. >> but here's the thing. both sides acknowledge that you're not going to get a deal done without some sort of change to entitlements. specifically medicare. >> well, i'm not so sure what that means when you say it's some sort of change. some sort of structural change to medicare? i'm not sure that has to be on the table. i do think, though, that we do have to have some spending cuts and the president has acknowledged that, as well. but the basis of the problem is...